KUALA LUMPUR: Gateway Development Alliance and its shareholders have today announced a pre-conditional voluntary offer to acquire all the shares in Malaysia Airports Holdings Bhd (MAHB) not already owned by the Consortium, at an offer price of RM11.00 per share.

The Consortium is led by two Malaysian Government Linked Investment Companies – Khazanah Nasional Bhd via its wholly owned subsidiary UEM Group Bhd and the Employees Provident Fund (EPF).

The Consortium’s shareholders also comprise a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and funds managed by Global Infrastructure Partners (GIP), one of the world’s premier infrastructure investors and an experienced airport owner and manager, MAHB said in a Bursa Malaysia filing today.

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*The offer price at RM11 per share implies an equity value of RM18.4 billion.

*As at May 14, 2024 the Consortium and its parent companies in aggregate own 41.1 per cent of MAHB’s issued share capital.

*Upon full completion of the offer, Khazanah will be increasing its ownership in MAHB from 33.2 per cent to 40 per cent and EPF from 7.9 per cent to 30 per cent.

*Collectively, Malaysian investors would own 70 per cent of MAHB.

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*ADIA and GIP will hold the remaining 30 per cent.

*The Malaysian government will retain special share rights in MAHB and the chairman and CEO will continue to be Malaysian citizens.

*The offeror does not intend to maintain the listing status upon completion of the offer, estimated to occur in the fourth quarter of this year.

*The Consortium confirms that there are no plans for layoffs as a result of the takeover and that existing employment rights will be fully safeguarded.

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*There will be no changes to the passenger service charge rates published by MAVCOM on March 12, 2024.

MAHB was last traded at RM10.40 per share.

Presently, MAHB manages 39 airports throughout Malaysia, including five international airports, 17 domestic airports and 17 STOLports (Short Take-Off and Landing). Additionally, it owns and manages one international airport in Istanbul, Turkiye.